Richard Herman's Presentation at Raleigh Chamber of Commerce, titled "Immigrant Entrepreneurs and...
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Transcript of Richard Herman's Presentation at Raleigh Chamber of Commerce, titled "Immigrant Entrepreneurs and...
Richard Herman
Immigrant Entrepreneurs &
Innovators
Why New Immigration Law Is Key to Creating American Jobs
Greater Raleigh Chamber of Commerce
March 12, 2012
Rust Belt (my home) Is Hemorrhaging
Jobs & People � MICHIGAN
¡ Over last 10 years, lost ¡ 790,000 jobs
¡ Detroit: over last 60 years, lost 50% of population (1.8 million to 900,000)
¡ Percentage of immigrants dropped from 30% to 10%
� OHIO
¡ Over last 10 years, lost 525,000 jobs
¡ Cleveland: over last 60 years, lost 60% of population (950,000 to 396,000) (17% in 10 yrs)
¡ Percentage of immigrants dropped from 30% to 5%
In 2011, with the Rust Belt & U.S. economy stuck in first
gear, it’s time we remember……..how to drive
the economy …..FAST
we welcome the job-creators
When it comes to job growth, STARTUP companies aren’t everything……..
they’re the ONLY THING!
• ALL net job creation in America over last 25 years comes from STARTUPS --- creating 40 million new jobs
• New Firms add an average of 3 million jobs in first year
• Older companies lost 1 million jobs annually
• --- Kauffman Foundation
STARTUPS: New employment paradigm
So WHO are behind the startups in America?
USA: Immigrants Driving the New Economy
& Urban Revitalization
¡ * Immigrants twice as likely as native-born ¡ to start a business; ¡ * Immigrants founded more than 50% of the
high-tech companies in Silicon Valley; ¡ * Immigrants are more likely to earn an
advanced degree, invent something, and be awarded a U.S. patent;
Immigrant-Founded Companies
� �
Compiled by Richard Herman, www.ImmigrantInc.com
* 40% of Fortune 500 companies were founded by an immigrant or child of an immigrant
* These companies employ 10 million people worldwide, and generate $4,200,000,000,000 in revenue per year
Immigrants Start Companies & Create Jobs
2011 study by Partnership for a New American Economy
Ford Google Intel GE Budweiser Home Depot AT&T McDonald’s U.S. Steel Boeing IBM Dow Disney Kraft UPS Apple Procter & Gamble Estee Lauder Hertz Levi’s DuPont Pfizer Bank of America Heinz
7 of 10 most valuable brands in the world were created by U.S. immigrants
or children of U.S. immigrants
* 25% OF ALL PUBLIC , VENTURE-‐ BACKED F IRMS IN U.S . FOUNDED BY IMMIGRANTS
* ADD HIGH TECH LABEL, PERCENTAGE
INCREASES TO 40% * MARKET CAP OF $500 B ILL ION -‐ -‐ -‐
PUBLIC , VENTURE BACKED IMMIGRANT COMPANIES
The venture capitalists know a deal when they see one
“To immigrate is an entrepreneurial act”
--Ed Roberts, Founder
MIT Entrepreneurship Center
* Immigrants filing patents at twice rate of American-
born.
* Immigrant patent filings: 72% Qualcomm, 65% Merck,
64% GE, 60% Cisco
Immigrants Are Driving U.S. Innovation
Immigrants Can Drive Exports
� Research in Sweden demonstrates that a 10 percent increase in immigrant population was linked to a 6 percent increase in bilateral trade with the immigrants’ home country.
Intl Students Who Stay = Jobs for U.S.
For every 100 international students who stay after earning U.S. advanced degrees in science, technology, engineering or math a CREATE 262 JOBS IN AMERICA
2011 Study by American Enterprise Institute & Partnership for New American Economy:
Foreign Students in North Carolina, National Rank and Economic Impact
Rank in US Total
FOREIGN STUDENTS IN NORTH CAROLINA #17 12,824
(up 4.2%)
ESTIMATED FOREIGN STUDENTS EXPENDITURE IN NORTH CAROLINA (in millions of dollars)
$304
Percent of Foreign Student’s in STEM Fields of Study: 36.1% Percent of U.S. Undergraduate Student’s in STEM Fields of Study: 13.7%
N. Carolina Institutions with the Highest Number of Foreign Students
InsLtuLon City Total North Carolina State University Raleigh 3,235 Duke University & Med Center Durham 2,485
University of N. Carolina Chapel Hill 1,674 University of N. Carolina CharloKe 1,300
Immigrants have created millions of jobs for Americans, and will create millions more….
if we let them --- in advanced manufacturing, clean energy, biotech, advanced materials, exports….
Can Immigrants Help Save the Rust Belt & U.S. Economy?
But…. Isn’t “Immigrant”
a Dirty Word?
Immigration and Crime FACTS
� San Diego, Phoenix, El Paso, and Austin � Immigrant Incarceration Rates are one-‐fifth the incarceration rates of people born in the U.S.
Immigrants largely compliment, not displace, American-born workforce. Immigrant workers usually work in high-skilled or lower skilled jobs, where U.S. has a shortage of workers.
Today, there are about 3 million unfilled jobs in America
We don’t talk about immigrants as the Dream-Keepers, the Job-Creators,
the Bedrock of Family-Values, the ENGINE that
makes America work!
A New Local/National Movement: Welcoming Immigrants to Spur
Economic Growth
Chicago Mayor’s Office for New Americans
Global Philly
U.S. Immigration & Its Job-Creation Capacity:
BROKEN
Immigration Policy Is Not Aligned with Nation’s Economic Development Needs
Malawi = India (nationality quotas: each country allocated 7% of employment based green cards per year, regardless of their nation’s population) .
Discriminate Against Highly Skilled. Of 1 Million Green Cards issued per year, only 4-5% or given to highly skilled (advanced degreed) or investor immigrants
These quotas are nearly 60 years old ----- they have no
relationship with the needs of America’s New Economy
Skilled immigrants, many of whom want to start their own company in the U.S., have to wait up to 8 years
for a Green Card
We treat them like DIRT, instead of the GOLDEN-
JOB-CREATORS!
This is what NYC Mayor Bloomberg calls:
“National Suicide.”
And not just PhD immigrants ----- all hard-
working immigrants with a dream.
It’s all connected.
$1.5 trillion added to GDP in next 10 years
….If we legalize the 11 million undocumented persons in U.S.
Study at UCLA, 2010
“The richest regions are those with the highest proportion of immigrants.”
President’s Commission on Immigration, 1953
Want to Win? Build the most
powerful teams on the planet
(just like NBA)
The Staple Act
The Dream Act
U.S. HOUSE OF REPRESENTATIVES PASSED
BILL 389 TO 15
NOVEMBER 29, 2011
Fairness for High-Skilled Immigrants Act
U.S. Rep. Tim Griffin, Arkansas (R)
Republican-Sponsored Bill: “BRAIN Act”
Poll of Likely Iowa Republican
Caucus Members
* Immigration Enforcement is not the top-tier, hot button issue
* 72% are open to allowing intl students
educated in U.S. to enter workforce after graduation
* 64% open to streamlining process for
employers to hire unfilled seasonal and permanent jobs
* 71% open to increasing opportunities
for foreign entrepreneurs move to U.S. to start a new business
“We all agree that current immigration system is
broken”
“Tall Fences, Wide Gates”
Frank Luntz pollster & author
“What Americans Really Want”
Talent is the New Oil. Drill, Baby, Drill!
“World Is Flat” Guy, Tom Friedman
“Pour into the America the most diverse, smart and energetic immigrants from every corner of the world and the stir and repeat, stir and repeat, stir and repeat.”
We Are All Immigrants
Key to Success: “think like an immigrant” Omid Kordestani
Want Jobs? Tap the Immigrant Dividend Welcome the Job-‐Creators by Reforming Immigration Law & Changing Perceptions
For More Info: � www.ImmigrantInc.com